Category: Industry News

U.S. shale oil investment surges

U.S. shale oil investment surges more than 50% in 2017, IEA says Published: July 12, 2017 5:27 a.m. ET by marketwatch.com[spacer height="20px"] After two years of significant declines in upstream oil investments, the sector is finally facing a rebound in 2017 and it all comes down to one thing: a sharp jump in money flowing into U.S. shale oil projects.[spacer height="20px"] The International Energy Agency, in a report out on Tuesday, predicts a 53% upswing in shale investments this year, even as oil prices are struggling to make a sustainable push above $50 a barrel.[spacer height="20px"] “The largest planned increase in upstream spending in 2017 in percentage terms is in the United States, in particular in shale assets that have benefited from a reduction in breakeven prices as a result of a combination of improvement in costs and efficiency gains,” the IEA said.[spacer height="20px"] The big rise in U.S. activities is expected to give global upstream — or exploration and production — investments a 6% bump in 2017, following a 44% plunge between 2014 and 2016. [spacer height="20px"] Full Article CLICK HERE Read More

Oil-Weighted Stocks to Watch

US Crude Oil above $50: Which Oil-Weighted Stocks to Watch[spacer height="20px"] On May 22, 2017, WTI (West Texas Intermediate) crude oil (USL)(DBO)(USO)(OIIL) futures for July delivery settled at $51.13 per barrel–~0.9% more than the previous settle price. Bullishness may have been due to OPEC’s meeting in Vienna on May 26, 2017. OPEC members could extend their production cuts to March 2018. Between May 15 and May 22, 2017, US crude oil July futures rose 4%. The recent fall in US oil inventories may also have contributed to oil’s gains.[spacer height="20px"] Full Article Click Here Read More

Oil Leaders to Invest in New Supplies

“ Energy agencies warn investment is needed to avoid a shortfall in world energy supplies.” “Our message to the oil industry here in Houston is, invest, invest, invest,” Fatih Birol, the executive director of the International Energy Agency, told attendees at the CERAWeek by IHS Markit oil and gas conference. He was far from the only one. On Monday, Birol’s agency released a report, Oil 2017, which warned that the global oil supply could struggle to keep up with demand after 2020. The reason: a slump in investment in 2015 and 2016 caused by the collapse of world oil prices. While production and investment have picked up recently, IEA said “early indications of global spending for 2017 are not encouraging.” Oil demand will rise over the next five years, IEA forecasts, passing the 100 million barrels per day threshold in 2019 and climbing to 104 million barrels per day by 2022. Developing economies will account for all of the growth, IEA predicts, with Asia consuming seven out of every 10 extra barrels of oil produced. Full article CLICK HERE Read More

Ohio oil, gas drilling outlook improves

In the volatile oil and gas industry, it has been a few years since the overall outlook has been this encouraging. Signs lately give industry followers reasons to be optimistic. Prices are trending upward, federal approval has come for several projects and the administration of President Donald Trump was barely in office when it backed two long-stalled, controversial pipeline projects: Keystone XL and Dakota Access. In Ohio, evidence of positive movement in the industry soon will be visible as miles of steel pipe begin to ship from the Republic Short Line rail yard in Massillon. The pipe, some sitting at the former locations for Republic Steel and Massillon Stainless facilities for nearly two years, will head to construction sites as part of the 713-mile Rover Pipeline that recently received final federal approval. Read More

Oil industry notches win with EPA ruling

March 3 (UPI) — An oil and trade group said steps by the Trump administration to ease regulatory burdens on emissions would help ensure American leadership on the energy stage. The Environmental Protection Agency said it was abandoning measures that called for the disclosure of methane emissions from oil and natural gas wells. Methane is a potent greenhouse gas, though a handful of states argued the measure would inhibit the economic benefits of the oil and gas industry. Texas Attorney Gen. Ken Paxton said the measures, imposed in November, would have “dubious” environmental benefits. The American Petroleum Institute, which has challenged the EPA in court, said the steps taken by President Donald Trump eased what it considered unnecessary rules th at impede oil and natural gas development. “The United States is leading the world in the production and refining of oil and natural gas and in the reduction of carbon emissions, and we look forward to working with the administration on lawful, common sense regulations that create jobs and benefit American consumers,” Director for Regulatory and Scientific Affairs Howard Feldman said in a statement. Read Full Article CLICK HERE Read More